October 27, 2020 – Asheville, NC. – ilumivu announced today that PsyTech, Inc. – an industry leader in advancing psychedelic medicine – has signed an exclusive agreement to create its Psychedelic Assisted Therapy (PAT) clinical application for worldwide deployment powered by ilumivu’s software platform.
Venture-backed PsyTech is the leading therapeutic psychedelics community builder and venture developer in education, training, and clinical solutions. Its chief goals are to promote safe and effective psychedelic health and wellness, combat stigma, and accelerate innovation. Empowered by the advancements of ground-breaking clinical research, PsyTech fosters and steers innovation in psychedelics to serve the greater good.
The psychedelic clinical market is projected to grow at a CAGR of 16.3% over the next eight years to reach $6.85 billion by 2027, according to Data Bridge Market Research. There are now over 1,000 PAT clinics and retreats around the world with an expected growth to over 3,000 in the coming years.
PsyTech is launching the most comprehensive mobile and web application for PAT therapists and clients around the world, including cutting edge just-in-time-adaptive-interventions (JITAI), bio-feedback and 3rd party device integration, whereby the therapists can use the application along with the patients that are served by these clinics to create increased treatment efficacy and improved patient outcomes. PsyTech has chosen the ilumivu SaaS platform given Iumivu’s exceptional clinical experience and thoughtful, feature-rich technology. The two companies plan to enroll hundreds of PAT clinics and retreat centers onto the platform and enable seamless patient engagement, management and monitoring with Tovana.
Ilumivu is the world’s first and premier SaaS platform of choice for research, digital therapeutics and clinical decision support systems in healthcare to create customized precision medicine solutions. Ilumivu’s platform has been used for dozens of high-profile projects at the leading research organizations in the world such as Harvard Medical School, Johns Hopkins, Boston Children’s Hospital, Carnegie Mellon University, The University of California, University of Oulu (Finland), University of Toronto, Duke University, and others.
PsyTech selected the ilumivu SaaS Platform after a review of commercially available products based on being a mature, proven platform used by global-leading medical research organizations. The ilumivu platform provides a rapid, 30 day-to-market deployment capability which reduces time to market from months to weeks and substantially reduces the capital investment required by ilumivu’s partner.
Hayim Raclaw, PsyTech’s CEO, said “This partnership will accelerate innovation for psychedelic therapeutics, enabling better, safer, patient experience and access by giving therapists unprecedented rich data for constant improvement. Our two companies are powerfully complementary in terms of business strengths and wonderfully simpatico in terms of ethos and people. We are excited for this future.”
“We are delighted to partner with PsyTech and help them to deploy a full-function mobile application for the psychedelic clinical market rapidly and establish this ilumivu powered application as the solution of choice for PAT clinics worldwide in the next 3 years”, said ilumivu’s co-Founder Dr. Kat Houghton.
“This platform partnership with PsyTech fits ilumivu’s market strategy perfectly. We are bringing the power of our SaaS platform to existing and new emerging players in multiple specialties within healthcare to create life changing high value applications in autism, chronic disease management, PTSD/stress solutions, doctor-patient engagement, medical cannabis, and mental and behavior health”, said David Smith, ilumivu’s President.
About ilumivu
ilumivu is a Digital Therapeutics company enabling proactive interventions and delivering personalized outcomes using the psychology of behavior change. Our platform connects patients and clinicians enabling therapists, case workers, researchers, clinicians and hospitals to better monitor, manage, and direct the patient/individual care. We increase adherence, impact positive behavior changes and provide a pinpoint assessment of the patient journey based on our real-time data capture and analysis algorithms.
About PsyTech
Venture-backed PsyTech is the leading therapeutic psychedelics community builder and venture developer in education, training, and clinical solutions. Its chief goals are to promote safe and effective psychedelic health and wellness, combat stigma, and accelerate innovation. Empowered by the advancements of ground-breaking clinical research, PsyTech fosters and steers innovation in psychedelics to serve the greater good.
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